NEW YORK: Gold fell to its lowest in nine months on Friday after better-than-expected US employment data bolstered the dollar and US Treasury yields, putting bullion on course for its third straight weekly decline.

Spot gold was down 0.1 per cent at $1,695.22 by 11:50 am ET (1650 GMT), after falling to its lowest since June 8 at $1,686.40 in the session. It has fallen nearly 2pc this week. US gold futures slipped 0.4pc to $1,693.10.

“The gold market is giving back the pandemic gains. The drop below $1,700/oz leaves the market looking fragile,” HSBC said.

However, his comments disappointed gold investors who expected him to act on the recent surge in the US 10-year Treasury yield, which has sent bullion below $1,700 per ounce.

Published in Dawn, March 6th, 2021